When most people think of timesheets, they think of logging hours worked for the purpose of getting paid. If this is the sole purpose of timesheets in your business, you’re missing out on huge opportunities. Timesheets can be used to improve project management, track productivity, and even reduce costs. To reap these benefits, though, you need the correct time-tracking tool. Web-based timesheets offer many benefits that traditional time-keeping methods lack.
Four Benefits of Web-Based Timesheets
Web-based timesheets will make a difference across many aspects of your business. Here are four areas that will see particular improvement and directly affect your bottom line.
Accurate Time Management and Billing: Web-based timesheets let you go beyond simple time tracking for payroll purposes. Robust recording features allow employees to accurately and immediately log time spent on specific projects. Managers have an up-to-date picture of time spent on projects and progress toward completion, and companies can bill for services more accurately. Up to 40% of employees who track billable hours fail to log time spent on email, resulting in tens of thousands of dollars in lost revenue. An easy-to-use time-tracking system offers a simple solution to capture these lost hours.
Increased Accountability and Recognition: Web-based timesheets are accessible from anywhere on any device with web access – meaning employees have no excuse not to log their time. This offers an added layer of accountability for remote, traveling, or field employees. Detailed project-level time tracking also shines a light on exceptionally dedicated or high-performing employees who might otherwise fly under the radar with traditional time-tracking methods. A sophisticated time-reporting system gives managers additional metrics to use for performance reviews, compensation adjustments, and determining an employee’s overall value to the company.
Save Time and Money: Payroll errors happen – and when they do, they cost you twice. First, they cost you in real dollars due to IRS penalties, employee overpayments, or missed billable hours. Then they cost you in additional staff time spent to rectify the initial error. To reduce these losses, you need to minimize risk. Approximately one-third of companies lose money due to payroll errors each year, with the highest losses occurring in companies that employ traditional time-keeping methods. Switching to web-based timesheets reduces your risk of errors from illegible timesheets, data entry mistakes, misplaced paper forms, and forgotten line-items.
Improved Communication with Clients: Improved data means improved estimates. Improved estimates mean happier clients. Happier clients mean repeat business and more referrals. By using web-based timesheets that track time per project, managers have a better understanding of how much time and money is truly needed to complete certain projects. This data will inform future estimates and proposals, making them more accurate and resulting in projects being delivered on time and on budget.
Web-Based Timesheets for Any Industry
MindSalt Time & Expense has transformed businesses across the globe with its user-friendly time-tracking platform that’s accessible from anywhere. Trusted by thousands of companies across 75 countries, MindSalt makes a difference on multiple levels – from payroll operations to project tracking and ultimately, your bottom line. See what it can do for your business with a free trial – sign up today!